U.S. Bank Premier Loan review
You'll need to be a customer for at least three months to qualify for this small personal loan.
finder.com’s rating: 3.5 / 5.0
Bottom line: U.S. Bank customers can take advantage of competitive rates. But the short loan term and limited loan amount may not be enough for some borrowers.
- Competitive APR from 6.49% to 17.99%
- No origination fee
- Discounts for green home improvement loans
- No collateral required
- Lines of credit available
- Low maximum loan amount of $25,000
- Longer turnaround compared to online lenders
- Must have a Silver, Gold or Platinum account for three months
U.S. Bank rates, fees and terms
U.S. Bank offers relatively low loan amounts of $3,000 to $25,000. While this is more limited than other lenders, U.S. Bank also offers competitive rates ranging from 6.49% and 16.99%. Loan terms are also short, lasting from 12 to 60 months.
Use our calculator to estimate your monthly repayment with U.S. Bank’s terms.
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|Loan terms (in years)|
U.S. Bank Premier Lines of Credit
If you need more flexibility in your spending, U.S. Bank also offers unsecured lines of credit up to $20,000. These allow you to pick and choose how much money you spend, and since they’re unsecured, you won’t need to provide any collateral.
As of February 2021, the APR was set at 10.25%. However, it may vary from month to month based on the Prime Rate. Like all lines of credit, you’ll only be charged interest on the money you borrow.
You can withdraw your funds from an ATM, at a branch or online, and U.S. Bank provides both Premier Line Access Checks and a Visa Access Card. There are no annual fees, although there are cash advance and ATM withdrawal fees.
How U.S. Bank compares to other lenders
To see more loans you might qualify for, select your credit score range and state, then click Show me my personalized options.
U.S. Bank reviews and complaints
|BBB customer reviews||1.12 out of 5 stars, based on 456 customer reviews|
|BBB customer complaints||4243|
|J.D. Power ranking||Ranked No. 3 in J.D. Power 2021 customer satisfaction survey|
|Trustpilot score||1.3 out of 5 stars, based on 261 customer reviews|
|Customer reviews verified as of||15 July 2021|
U.S. Bank receives poor customer reviews — largely because its customer service team is lacking, according to reviewers. While not many of the reviews center around its personal loans, the history of negative interactions with customer service may mean problems with your account could escalate your issues.
How to qualify
To be eligible for a loan with U.S. Bank, you’ll need to meet the following requirements:
- Good to excellent credit
- Current U.S. Bank member for 90 days
- Silver, Gold or Platinum account
- Verifiable source of income
- At least 18 years old
How the application works
You can apply for a U.S. Bank personal loan online, over the phone or at your local branch. You'll need to have your Social Security number or Individual Taxpayer Identification Number (ITIN) in addition to your address and information about your employer when you apply.
The loan approval process is automated, so it should only take a few minutes to receive a decision. In most cases, you can finalize your loan application online. If approved, you may be able to receive your funds within a few business days of submitting all necessary documentation.
What sets it apart
U.S. Bank is one of the few banks to offer competitive personal loans — but only for its current customers. Its lines of credit and other loan options also help it stand out among other banks, especially if you need a small amount. However, that’s about all that sets it apart. Lackluster customer service and strict eligibility requirements are par for the course for many banks.
Is U.S. Bank legit?
U.S. Bank is legit, but it did face charges in 2018 for violating the Bank Secrecy Act. As part of its agreement with New York state, it has paid a penalty of $528 million and admitted to its conduct.
Personal loan ratings
We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.
Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for anyone to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise — and maintaining a Duolingo streak of over 1,300 days.
U.S. Bank’s personal loans are ideal if you’ve been a customer with the bank for at least three months — you won’t qualify otherwise. Its loans come with competitive rates that max out relatively low compared to other lenders out there. You can also qualify for a rate discount if you’re using the loan for green home improvements.
But its loans max out at $25,000. And like many banks, it’s not the fastest option out there: It can take a few days to get your funds after approval.
Not sold on U.S. Bank? Compare your other options below.